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Bazan Oil Refineries Ltd.

Capital/Financing Update • Aug 11, 2025

6683_rns_2025-08-11_cc781faa-834a-47b7-8ee6-e0e92e6b513b.pdf

Capital/Financing Update

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OIL REFINERIES LTD.

OIL REFINERIES LTD.

Registration Number: 520036658

To: Securities Authority To: Tel Aviv Stock Exchange Ltd. Form T125 (Public) Transmitted via MAGNA: 11/08/2025 Securities Authority Email: www.isa.gov.il Stock Exchange Email: www.tase.co.il Reference: 2025-01-059467

Immediate Report on the Rating of Debentures / Corporate Rating or Termination of Rating

On 11/08/2025, S&P Maalot published: _________

  • Rating Report/Notice Updated
  • Notice of Termination of Rating

1. Rating Report or Notice

Corporate Rating: S&P Maalot _________ ilA+ _________ negative

Notes/Essence of the Notice: Outlook/Forecast Downgrade _________

Rating History in the 3 Years Prior to the Rating/Notice Date:

Date Subject
of
Rating		 Rating Notes/Essence
of
Notice
09/03/2023 Corporate
and
Bond
Rating		 S&P
Maalot
_
ilA+
_
stable		 Rating
Upgrade
___
03/01/2024 Corporate
and
Bond
Rating		 S&P
Maalot
_
ilA+
_
stable		 Confirmation
Rating
___
13/03/2024 Corporate
and
Bond
Rating		 S&P
Maalot
_
ilA+
_
stable		 Confirmation
Rating
___
16/09/2024 Corporate
and
Bond
Rating		 S&P
Maalot
_
ilA+
_
stable		 Confirmation
Rating
___
20/03/2025 Corporate
and
Bond
Rating		 S&P
Maalot
_
ilA+
_
stable		 Confirmation
Rating
___
17/06/2025 Corporate
and
Bond
Rating		 S&P
Maalot
_
ilA+
_
negative		 Watchlist
(Negative)
/
Rating
Review
(Negative)
___

Explanation: In the rating history, only the rating history of the rating company subject to this immediate report should be detailed.

Rating of the corporation's debentures:

Name
and
Type
of
Security		 Security
Number		 Rating
Company		 Current
Rating		 Notes/Essence
of
Notice
Bond
(Series
9)		 2590461 S&P
Maalot		 S&P
Maalot
_
ilA+
_
negative		 Outlook/Forecast
Downgrade
___
Bond
(Series
10)		 2590511 S&P
Maalot		 S&P
Maalot
_
ilA+
_
negative		 Outlook/Forecast
Downgrade
___
Bond
(Series
12)		 2590578 S&P
Maalot		 S&P
Maalot
_
ilA+
_
negative		 Outlook/Forecast
Downgrade
___
Bond
(Series
13)		 1195346 S&P
Maalot		 S&P
Maalot
_
ilA+
_
negative		 Outlook/Forecast
Downgrade
___
Bond
(Series
15)		 1211986 S&P
Maalot		 S&P
Maalot
_
ilA+
_
negative		 Outlook/Forecast
Downgrade
___

Rating History in the 3 Years Prior to the Rating/Notice Date:

Name
and
Type
of
Security		 Security
Number		 Date Type
of
Rated
Security		 Rating Notes/Essence
of
Notice
Bond
(Series
5)		 2590461 09/03/2023 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Upgrade
___
Bond
(Series
9)		 2590461 09/03/2023 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Upgrade
___
Bond
(Series
10)		 2590511 09/03/2023 Bond S&P
Maalot
_
ilA
_
stable		 Rating
Confirmation
___
Bond
(Series
12)		 2590578 09/03/2023 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Upgrade
___
Bond
(Series
13)		 1195346 09/03/2023 Bond S&P
Maalot
_
ilA+
_
stable		 Initial
Rating
___
Bond
(Series
5)		 2590388 03/01/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
9)		 2590461 03/01/2024 Bond S&P
Maalot
___
ilA+		 Rating
Confirmation
___
Name
and
Type
of
Security		 Security
Number		 Date Type
of
Rated
Security		 Rating Notes/Essence
of
Notice
___
stable
Bond
(Series
10)		 2590511 03/01/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
12)		 2590578 03/01/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
13)		 1195346 03/01/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
9)		 2590461 13/03/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
10)		 2590511 13/03/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
12)		 2590578 13/03/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series		 1195346 13/03/2024 Bond S&P
Maalot
___		 Rating
Confirmation
Name
and
Type
of
Security		 Security
Number		 Date Type
of
Rated
Security		 Rating Notes/Essence
of
Notice
13) ilA+
___
stable		 ___
Bond
(Series
9)		 2590461 16/09/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
10)		 2590511 16/09/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
12)		 2590578 16/09/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
13)		 1195346 16/09/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
15)		 1211986 16/09/2024 Bond S&P
Maalot
_
ilA+
_
stable		 Initial
Rating
___
Bond
(Series
9)		 2590461 20/03/2025 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Name
and
Type
of
Security		 Security
Number		 Date Type
of
Rated
Security		 Rating Notes/Essence
of
Notice
Bond
(Series
10)		 2590511 20/03/2025 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
12)		 2590578 20/03/2025 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
13)		 1195346 20/03/2025 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
15)		 1211986 20/03/2025 Bond S&P
Maalot
_
ilA+
_
stable		 Rating
Confirmation
___
Bond
(Series
9)		 2590461 17/06/2025 Bond S&P
Maalot
_
ilA+
_
negative		 Watchlist
(Negative)
/
Rating
Review
(Negative)
___
Bond
(Series
10)		 2590511 17/06/2025 Bond S&P
Maalot
_
ilA+
_
negative		 Watchlist
(Negative)
/
Rating
Review
(Negative)
___
Bond
(Series
12)		 2590578 17/06/2025 Bond S&P
Maalot
___
ilA+		 Watchlist
(Negative)
/
Rating
Review
(Negative)
___
Name
and
Type
of
Security		 Security
Number		 Date Type
of
Rated
Security		 Rating Notes/Essence
of
Notice
___
negative
Bond
(Series
13)		 1195346 17/06/2025 Bond S&P
Maalot
_
ilA+
_
negative		 Watchlist
(Negative)
/
Rating
Review
(Negative)
___
Bond
(Series
15)		 1211986 17/06/2025 Bond S&P
Maalot
_
ilA+
_
negative		 Watchlist
(Negative)
/
Rating
Review
(Negative)
___

Explanation: In the rating history, only the rating history of the rating company subject to this immediate report should be detailed.

Attached is the rating report: Update_Rating_isa.pdf

  1. On _________, _________ announced the termination of rating for: _________

Details of the authorized signatories on behalf of the corporation:

# Name Position
1 Eliyahu
Mordoch		 Company
Secretary

Explanation: According to Regulation 5 of the Periodic and Immediate Reports Regulations (1970), a report submitted under these regulations must be signed by those authorized to sign on behalf of the corporation. The staff's position on the matter can be found on the Authority's website: Click here.

Clarification: The company and its bonds have been placed on a watchlist with negative implications.

Reference numbers of previous documents on the subject (the mention does not constitute inclusion by reference):

Securities of the corporation are listed for trading on the Tel Aviv Stock Exchange

Form structure update date: 06/08/2024

Short name: OIL REFINERIES LTD.

Address: P.O. Box 4, Haifa 3100001 Phone: 04-8788135, 04-8788115 Fax: 073-2928115

Email: [email protected] Company website: https://www.bazan.co.il/

Previous names of the reporting entity:

Electronic reporter name: Mordoch Eliyahu Position: Company Secretary Employer company name:

Address: P.O. Box 4, Haifa 31000 Phone: 04-8788135 Fax: 04-8788741 Email: [email protected]

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